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Japan Exchange Group
(8697)
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Rating:74Outperform
Price Target:
¥2,438.00
▲(38.21% Upside)
Action:Reiterated
Date:04/29/26
The score is driven primarily by strong financial performance (high profitability, low leverage, and solid cash generation). It is moderated by weaker near-term technical momentum (negative MACD, sub-50 RSI, very low stochastic), while valuation is supported by a moderate P/E and a ~3.1% dividend yield.
Positive Factors
High profitability / strong ROE
Consistently high operating profitability and mid-to-high teen ROE indicate durable core economics and efficient capital use. This supports sustained earnings generation, funds for investment or dividends, and resilience through cycles as exchange fee economics remain structurally attractive.
Negative Factors
Variable year-to-year growth
Revenue and FCF have shown meaningful year-to-year variability, which can complicate planning and make near-term earnings lumpy. For a fee-dependent exchange model this cyclicality can persist with market cycles, affecting predictability of distributable cash.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability / strong ROE
Consistently high operating profitability and mid-to-high teen ROE indicate durable core economics and efficient capital use. This supports sustained earnings generation, funds for investment or dividends, and resilience through cycles as exchange fee economics remain structurally attractive.
Read all positive factors
Japan Exchange Group (8697) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥2.23T
Dividend Yield3.2%
Average Volume (3M)4.05M
Price to Earnings (P/E)28.2
Beta (1Y)0.97
Revenue Growth21.24%
EPS Growth30.85%
CountryJP
Employees1,268
SectorFinancial
Sector Strength70
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)76.83
Shares Outstanding1,031,785,300
10 Day Avg. Volume3,798,630
30 Day Avg. Volume4,050,496
Financial Highlights & Ratios
PEG Ratio0.76
Price to Book (P/B)5.39
Price to Sales (P/S)9.35
P/FCF Ratio17.43
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)90.98
Revenue Forecast (FY)¥234.28B
Japan Exchange Group Business Overview & Revenue Model
Company Description
Japan Exchange Group, Inc. operates as a financial instruments exchange holding company in Japan. It engages in the operation of financial instruments exchange markets for trading listed securities and derivatives instruments to market users; publ...
How the Company Makes Money
JPX generates revenue mainly by operating exchange and related market infrastructure services and charging fees tied to activity and usage across its platforms. Key revenue streams include: (1) Trading-related fees: JPX earns transaction fees and ...
Japan Exchange Group Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
84
Very Positive
Cash Flow
82
Very Positive
| Breakdown | Mar 2026 | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 199.05B | 164.17B | 157.80B | 134.50B | 135.64B |
| Gross Profit | 142.55B | 133.33B | 86.02B | 66.93B | 72.41B |
| EBITDA | 135.25B | 108.81B | 105.81B | 87.27B | 91.06B |
| Net Income | 79.14B | 61.09B | 60.82B | 46.34B | 49.95B |
Balance Sheet | |||||
| Total Assets | 71.60T | 85.40T | 80.68T | 82.19T | 71.46T |
| Cash, Cash Equivalents and Short-Term Investments | 110.47B | 98.43B | 128.02B | 211.21B | 211.35B |
| Total Debt | 52.49B | 52.49B | 52.48B | 52.97B | 52.47B |
| Total Liabilities | 71.24T | 85.05T | 80.34T | 81.87T | 71.14T |
| Stockholders Equity | 345.01B | 340.82B | 328.36B | 312.73B | 315.65B |
Cash Flow | |||||
| Free Cash Flow | 106.78B | 84.42B | 63.97B | 55.58B | 43.26B |
| Operating Cash Flow | 107.75B | 86.14B | 79.57B | 66.88B | 58.19B |
| Investing Cash Flow | -15.24B | -61.22B | -7.17B | -8.52B | -13.30B |
| Financing Cash Flow | -80.48B | -54.50B | -43.20B | -52.90B | -59.75B |
Japan Exchange Group Technical Analysis
Positive
1764.00
Price Trends
2011.24
Positive
1950.31
Positive
1817.59
Positive
Market Momentum
36.44
Negative
58.37
Neutral
64.70
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:8697, the sentiment is Positive. The current price of 1764 is below the 20-day moving average (MA) of 2128.15, below the 50-day MA of 2011.24, and below the 200-day MA of 1817.59, indicating a bullish trend. The MACD of 36.44 indicates Negative momentum. The RSI at 58.37 is Neutral, neither overbought nor oversold. The STOCH value of 64.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:8697.
Japan Exchange Group Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ¥2.23T | 28.23 | 18.91% | 3.20% | 21.24% | 30.85% | |
72 Outperform | ¥1.85T | 4.18 | 20.02% | 2.63% | 23.87% | 148.64% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | ¥2.39T | 14.10 | 9.37% | 4.13% | 7.41% | 15.07% | |
65 Neutral | ¥266.05B | 17.47 | 14.00% | 5.13% | 34.33% | 47.34% | |
60 Neutral | ¥189.63B | 18.23 | 6.77% | 3.66% | 83.65% | 4.34% | |
56 Neutral | ¥179.09B | 16.72 | 7.26% | 4.16% | 17.45% | ― |
* Financial Sector Average
JP:8697
Japan Exchange Group
2,196.50
773.28
54.33%
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1,777.00
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JP:8511
Japan Securities Finance Co
2,376.00
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38.08%
JP:8698
Monex Group
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JP:8628
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55.56%
JP:8473
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2,790.00
105.41
3.93%
Japan Exchange Group Corporate Events
Japan Exchange Group Completes JPY 20 Billion Share Buyback Tranche
Jul 7, 2026
Japan Exchange Group, Inc., operator of Japan’s leading stock and derivatives exchanges, offers core market infrastructure, trading and clearing services, and related market operations to global and domestic investors from its Tokyo Stock Ex...
Japan Exchange Group Advances Share Buyback with JPY 16.2 Billion Repurchase
Jul 1, 2026
Japan Exchange Group has repurchased 7,692,600 of its own common shares on the Tokyo Stock Exchange between June 1 and June 30, 2026, at a total cost of about JPY 16.16 billion. The buyback is part of a broader share repurchase program authorized ...
Japan Exchange Group Corrects Director Candidate’s Career History in Governance Disclosure
Apr 28, 2026
Japan Exchange Group has issued a correction to its previously announced list of candidates for directors, amending the career history of nominee Satoko Kuwabara. The updated curriculum vitae refines her roles at Nippon Yusen Kabushiki Kaisha, add...
Japan Exchange Group Refreshes Board and Governance Lineup Across Market Units
Apr 28, 2026
Japan Exchange Group has announced a slate of board and governance changes across the group, with new and retiring directors and governors to be confirmed at shareholder and member meetings scheduled for June 19, 2026. At the parent company, outsi...
Japan Exchange Group Launches ¥20 Billion Share Buyback to Boost Shareholder Returns
Apr 28, 2026
Japan Exchange Group will repurchase up to 40 million of its common shares, equivalent to 3.9% of its issued shares excluding treasury stock, as part of a capital policy outlined in its Medium-Term Management Plan 2027. The buyback, capped at ...
Japan Exchange Group Updates Medium-Term Plan and Sets 2030 Global Vision
Apr 28, 2026
Japan Exchange Group has updated its Medium-Term Management Plan 2027 for fiscal 2026, positioning itself as a driver of sustainable market development that supports an affluent society. The plan emphasizes enhancing market reliability, public vis...
Japan Exchange Group Posts Strong FY2025 Earnings Growth
Apr 28, 2026
Japan Exchange Group, Inc., a leading operator of Japan’s securities and derivatives markets, reported strong financial results for the fiscal year 2025, underlining the importance of its trading and market infrastructure services to global ...
Japan Exchange Group Lifts Profit and Dividend as Earnings Peak
Apr 28, 2026
Japan Exchange Group reported strong earnings for the year ended March 31, 2026, with operating revenue up 22.5% to ¥198.7 billion and net income attributable to owners rising 29.5% to ¥79.1 billion, reflecting higher profitability and a...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.